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01/11/2017 05:00:43 AM
01/11/2017 05:00:43 AM UTC-0500

FTSE 100 Nudges Higher After Weak Start


(RTTNews) - U.K. shares edged higher for the 12th consecutive session on Wednesday as base metal prices remained strong and Sainsbury reported record Christmas sales, defying concerns of a slowdown in consumer spending.

Recovering from early losses, the benchmark FTSE 100 was up 13 points or 0.18 percent at 7,288, on track for a record closing high for the tenth straight day.

Supermarket giant Sainsbury soared 7 percent after posting better-than-expected sales for the third quarter. Morrison rose over 1 percent while Tesco shed 1.2 percent.

Miners BHP Billiton and Anglo American rose 1-2 percent after both iron ore and copper prices jumped overnight following pledges from China's top steelmaking province to further cut production capacity.

Engineering firm Cobham plunged over 13 percent after its group trading profit for the year ended December 31 fell short of guidance.

Housebuilder Taylor Wimpey declined 1.5 percent despite saying it expects to deliver full year profitability at the upper end of market consensus.

Tullow Oil fell nearly 3 percent after issuing a trading update for 2016.

In economic releases, U.K. industrial production recovered at a faster than expected pace in November, official data showed. Industrial output climbed 2.1 percent in November from October, when production eased 1.1 percent. Economists forecast output to rise 1 percent.

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